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Trump administration considers paying producers to stop drilling for oil

Release time:

Apr 16,2021

On April 16, it was reported that the Trump administration is considering paying US oil producers to keep crude oil in the ground to help ease the oversupply situation that has led to the collapse of oil prices and the bankruptcy of some oil companies. Senior administration officials, who spoke on condition of anonymity, said the U.S. Department of Energy has drafted a plan to compensate oil companies for giving up to 0.365 billion barrels of oil reserves and count them as part of the U.S. government's emergency inventory. West Texas Intermediate futures rose about 20 cents to $20.42 a barrel on the news. Federal law already authorizes the Energy Department to set aside up to 1 billion barrels of oil for emergencies, but it doesn't dictate where the oil should be. This opens the legal door to storing crude oil beyond the government's existing reserves, which can even be left untapped in the first place. The "stay in the ground" program, which requires billions of dollars from Congress, may be unprecedented and reflects the Trump administration's efforts to help domestic oil companies cope with surging production and collapsing demand caused by the coronavirus outbreak. Earlier, President Trump helped broker an agreement to cut global crude oil production and save the oil market from a collapse caused by the new crown epidemic. Oil demand, however, has fallen further as air and ground travel has been paralysed by blockades around the world. While the U.S. government does not control oil production, Trump said domestic production would automatically decrease due to market forces.

Trump administration considers paying producers to stop drilling for oil

On April 16, it was reported that the Trump administration is considering paying US oil producers to keep crude oil in the ground to help ease the oversupply situation that has led to the collapse of oil prices and the bankruptcy of some oil companies.

Senior administration officials, who spoke on condition of anonymity, said the U.S. Department of Energy has drafted a plan to compensate oil companies for giving up to 0.365 billion barrels of oil reserves and count them as part of the U.S. government's emergency inventory.

West Texas Intermediate futures rose about 20 cents to $20.42 a barrel on the news.

Federal law already authorizes the Energy Department to set aside up to 1 billion barrels of oil for emergencies, but it doesn't dictate where the oil should be. This opens the legal door to storing crude oil beyond the government's existing reserves, which can even be left untapped in the first place.

The "stay in the ground" program, which requires billions of dollars from Congress, may be unprecedented and reflects the Trump administration's efforts to help domestic oil companies cope with surging production and collapsing demand caused by the coronavirus outbreak.

Earlier, President Trump helped broker an agreement to cut global crude oil production and save the oil market from a collapse caused by the new crown epidemic. Oil demand, however, has fallen further as air and ground travel has been paralysed by blockades around the world. While the U.S. government does not control oil production, Trump said domestic production would automatically decrease due to market forces.

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Oil prices are falling, what do you think?

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Trump administration considers paying producers to stop drilling for oil

On April 16, it was reported that the Trump administration is considering paying US oil producers to keep crude oil in the ground to help ease the oversupply situation that has led to the collapse of oil prices and the bankruptcy of some oil companies. Senior administration officials, who spoke on condition of anonymity, said the U.S. Department of Energy has drafted a plan to compensate oil companies for giving up to 0.365 billion barrels of oil reserves and count them as part of the U.S. government's emergency inventory. West Texas Intermediate futures rose about 20 cents to $20.42 a barrel on the news. Federal law already authorizes the Energy Department to set aside up to 1 billion barrels of oil for emergencies, but it doesn't dictate where the oil should be. This opens the legal door to storing crude oil beyond the government's existing reserves, which can even be left untapped in the first place. The "stay in the ground" program, which requires billions of dollars from Congress, may be unprecedented and reflects the Trump administration's efforts to help domestic oil companies cope with surging production and collapsing demand caused by the coronavirus outbreak. Earlier, President Trump helped broker an agreement to cut global crude oil production and save the oil market from a collapse caused by the new crown epidemic. Oil demand, however, has fallen further as air and ground travel has been paralysed by blockades around the world. While the U.S. government does not control oil production, Trump said domestic production would automatically decrease due to market forces.

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